News Analysis According to the Hurun Research Institute, 229 Chinese billionaires have fallen from this year’s global rich list, accounting for more than half of dropouts. The wealth of real estate tycoons dropped at an alarming rate, with more than 10 on last year’s list completely falling out of the ranking this year. Against the…
229 Chinese Billionaires, Including Real Estate Tycoons, Drop From Global Rich List
March 29, 2023
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US Sanctions 5 Chinese Firms Allegedly Involved in Uyghur Repression
March 29, 2023
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The United States has sanctioned five Chinese companies over their alleged role in the repression of the Uyghur Muslim minority in China’s Xinjiang region, the U.S. Commerce Department said on March 28. The companies were accused of implicating human rights abuses in “China’s campaign of repression, arbitrary mass detention and high-technology surveillance against the Uyghur…
China’s Low-Price Car Promotion Fails to Spur Sales as Consumer Confidence Declines
March 28, 2023
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News Analysis A low-price auto campaign initiated by Chinese car companies and local governments has been sweeping throughout China since the start of March, but auto sales continue to fall. Experts indicate that middle-class Chinese citizens, the mainstay of consumption, face heavy debts as they lose confidence in the economy. On March 6, Dongfeng Motor…
Samsung’s Operating Losses Impact South Korean Economy, Aims to Build New Chip Center
March 28, 2023
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New Analysis Samsung, the pillar of South Korea’s economy, has seen its profit plunge in 2022 due to weak chip and smartphone demand. The company’s weak financial performance has impacted the overall South Korean economy. To reverse the weakening profitability, Samsung Electronics plans to invest 300 trillion won (about $227 billion) over the next 20 years…
US Envoy Says ‘Anti-Coercion Coalition’ Needed to Tackle China’s Economic Coercion
March 28, 2023
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The world’s leading economies should set up an “anti-coercion coalition” to combat Beijing’s persistent use of economic coercion to achieve its political goals, the U.S. ambassador of Japan said on March 27. U.S. envoy to Japan Rahm Emanuel said that collective action is needed to address instances where a country utilizes economic measures to penalize…
China’s Industrial Profits Slump Deepens on Soft Demand, High Costs
BEIJING—The slump in Chinese industrial firms’ profits deepened in the first two months of 2023, weighed by lackluster demand and stubbornly high costs as China struggled to fully shake the long-term effects of COVID-19. The sharp 22.9 percent contraction followed a 4.0 percent fall in industrial profits for the whole of 2022, data from the…
Joint Venture Brands Amid Price Reduction Frenzy in China’s Auto Market
In recent years, the Chinese car market has witnessed intense competition. In less than three months of 2023, the competition has intensified further, with several joint-venture brands joining a price reduction war. In early March, Chinese car maker Dongfeng Group, with the support of Hubei provincial authority’s subsidies, cut prices of several types of vehicles,…
House Advances Bill Calling for Strategy to Defend, Retain Control of Subsea Cables
March 27, 2023
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Among the challenges presented by the decade-long military modernization and expansion of China’s ruling Communist Party (CCP) is a “robust space program” potentially targeting more than 9,000 American-owned satellites orbiting the Earth. Space will be a battleground, Pentagon officials have repeatedly warned in Congressional hearings since February regarding President Joe Biden’s $863 billion Fiscal Year 2024…
House Unanimously Passes Bill Stripping China of ‘Developing Nation’ Status
March 27, 2023
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The House of Representatives has passed a bipartisan bill to strip communist China of its international status as a developing nation, thereby limiting the regime’s access to certain aid from the United States and other nations. H.R. 1107, colloquially referred to as the “PRC is Not a Developing Country Act,” aims to ensure that China’s…
Rich Chinese Face Dwindling Immigration Choices as Europe’s Golden Visa Era Ends
March 27, 2023
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The European Union’s golden visas have been closed or tightened one after another, with the wealthy Chinese most affected. At the same time, however, Russia and some African countries are now offering golden visas. Starting March 16, the Portuguese government stopped issuing golden visas. Announcing the decision last month, Portuguese Prime Minister Antonio Costa said the move…
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